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Social Security tax update: How high can it go?

By |2024-06-19T15:01:58+00:00June 19th, 2024|Latest News|

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling.

The tax consequences of selling mutual funds

By |2024-06-19T14:46:51+00:00June 19th, 2024|Latest News|

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can

How family businesses can solve the compensation puzzle

By |2024-06-19T14:44:22+00:00June 19th, 2024|Latest News|

Every type of company needs to devise a philosophy, strategy and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff. If your company is family-owned, you’ve probably encountered some puzzling difficulties in this area. The good news is solutions can be found. Perspectives to consider Compensation

4 ways businesses can better control cash flow

By |2024-06-19T14:42:35+00:00June 19th, 2024|Latest News|

From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash

House rich but cash poor? Consider a reverse mortgage strategy

By |2024-06-10T14:52:34+00:00June 10th, 2024|Latest News|

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay

You may be entitled to tax breaks if caring for an elderly relative

By |2024-06-10T14:50:10+00:00June 10th, 2024|Latest News|

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies as

Timelines: 3 ways business owners should look at succession planning

By |2024-06-10T14:47:44+00:00June 10th, 2024|Latest News|

Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to

A three-step strategy to save tax when selling appreciated vacant land

By |2024-05-23T20:52:15+00:00May 23rd, 2024|Latest News|

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of

When do valuable gifts to charity require an appraisal?

By |2024-05-16T15:02:19+00:00May 16th, 2024|Latest News|

If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

Businesses must face the reality of cyberattacks and continue fighting back

By |2024-05-20T19:15:47+00:00May 16th, 2024|Latest News|

With each passing year, as networked technology becomes more and more integral to how companies do business, a simple yet grim reality comes further into focus: The cyberattacks will continue. In fact, many experts are now urging business owners and their leadership teams to view malicious cyberactivity as more of a certainty than a possibility.

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